Remediation - Frequently Asked Questions.

> What is BMW Australia Finance’s Remediation Program?

We agreed with ASIC, the Australian regulatory body, that we would undertake a Remediation Program due to its concerns that our conduct in connection with responsible lending may have caused some customers financial hardship.

This program has been agreed with ASIC and is being overseen by an independent expert.

> Who is eligible for the Remediation Program?

The Remediation Program is available to all BMW Australia Finance customers who entered into a consumer finance contract from 1 January 2011 to 31 August 2016.

> When will the Remediation Program start and finish?

The BMW Australia Finance Remediation Program commenced on 6 December 2016 and runs until 2 December 2018. General registration to participate in the Program closed on 31 December 2017. If you have received or do receive correspondence from BMW Australia Finance in relation to registration it will include a date by which to respond.

> How do I contact BMW Australia Finance if I want to participate?

General registration to participate in the Remediation Program closed on 31 December 2017. If you have received or do receive correspondence from BMW Australia Finance in relation to registration it will include a date by which to respond.

BMW Australia Finance customers who have any further questions, can contact us via:

We may ask you a few questions regarding your financial situation and may request supporting documentation to substantiate your claim. This will assist us to assess the actual hardship you have suffered. Generally, we will ask for documents including, but not limited to, the following:

- Bank / Financial Statement(s) from other financial institutions- Anything else you believe will support and substantiate your hardship claim

> I have rejected my original offer and have not been contacted by a Remediation case reviewer. Why is it taking so long?

When you reject an offer we have made to you, it may take up to 6 to 8 weeks to be assigned a case reviewer who will then conduct a manual assessment of your financial circumstances*.

*A manual assessment is an in depth end-to-end review of your financial circumstances. The time taken to complete an assessment depends on a variety of factors such as the volume and complexity of documentation the case reviewer has to consider.

> I am dissatisfied with BMW Australia Finance's Remediation Program and would like to take this further. What are my options?

If you are dissatisfied or would like us to take a closer look at your case or have another matter that you would like us to address, please contact:

> How can BMW Australia Finance grant authority to release loan information to a third party?*

A customer may sign a Third Party Authority (TPA) form to grant authority to a third party to accept and receive information from us in respect of the customer’s account. This form can be sent directly to either the customer or the proposed third party to be granted authority.

*We encourage those who are an Executor of a Deceased Estate to contact us via phone to discuss loan disclosure requirements.

> Who needs to sign a Third Party Authority (TPA) form?

All borrowers under the loan must sign the Third Party Authority form in the presence of an adult, who also signs the form to signify he or she witnessed the signing.

> What is a Notice of Acceptance and Release (NAR)?

The NAR is your formal written acceptance of our financial compensation offer made to you. It contains a covenant not to sue us. It is also instructs us how to deposit the funds into your nominated bank account. You must accept each clause of the NAR and return the signed, witnessed document in order for your remediation payment to be processed.

> How will the compensation be paid to me?

If you do not have a current loan contract with BMW Australia Finance, the funds will be deposited directly into your nominated bank account as instructed by you in the Notice of Acceptance and Release. If you have a current loan contract with us or owe us money, we will credit the funds to your contract or otherwise apply it to reduce the amount owed. Any excess will be deposited into your nominated bank account.

Unfortunately, where you have a current loan contract with BMW Australia Finance, the remediation amount must first be credited to your existing loan account. This approach has been agreed with ASIC. BMW Australia Finance is committed to putting our customers first to deliver the best possible service.